Hong Kong Stock Traders Dash for HSBC as Chinese Giants Sink
- HSBC has gained more than 8% in past two sessions in Hong Kong
- Investors rush to buy bank shares as U.S. mulls restrictions
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Hong Kong investors are finding shelter in the city’s bank shares as everything from Chinese telecommunications firms to Tencent Holdings Ltd. turns toxic.
Financial stocks outperformed all other sectors on the benchmark Hang Seng Index Thursday. HSBC Holdings Plc was the biggest contributor to the index with a 4.6% gain, following its 10% rally in London the day prior. Standard Chartered Plc rose 6.9%. On the other hand, Alibaba Group Holding Ltd. dropped 3.9% and Tencent fell 4.7%, after reports that the Trump administration may bar investments in two of the world’s most valuable companies.